Unified Payments Interface (UPI) allows users to transfer money any time, on a real-time basis, without revealing details of one’s bank account to the other party. It allows safer and hassle free payments of your electricity, broadband and mobile bills. The simple, hassle-free three-year old payment system launched by National Payments Corporation of India (NPCI), is gaining immense popularity. The number of transactions via UPI continues to rise, clocking 1.31 billion transactions in December.
It is important for customers to be aware of all that would save them from online fraudsters.
In case you lose your phone
- If you lose your phone, block the account linked on any UPI app present on the phone.
- Unknown person will not be able to use your UPI related apps as UPI-PIN is required to authorize all transactions
- In addition, please contact the customer support of your bank
- You must remember that you don’t need to enter your PIN when you are receiving a payment
- Do not share any sensitive details with anyone and be alert and pay attention to details while doing transactions.
How UPI works
In order to transfer or receive money using UPI, you need to have activated UPI for your bank account. To do this, you need to have the mobile number linked with the bank account. When you activate UPI, you also need to create a VPA (virtual payment address) which is like a UPI ID.